NEW YORK: The US dollar dipped in late trading on Thursday as the Federal Reserve’s preferred gauge of inflation slowed in October reported Xinhua.

The US Commerce Department reported Thursday that the US personal consumption expenditures (PCE) price index increased 0.3 per cent in October, for a 6 per cent year-on-year gain, down from the upwardly revised 6.3 per cent annual increase reported for September.

The core PCE price index, which excludes food and energy, rose 5 per cent over the last 12 months, compared to a 5.2 per cent annual increase in September.

The dollar index, which measures the greenback against six major peers, fell 1.15 per cent to 104.7300.

In late New York trading, the euro rose to US$1.0522 from US$1.0414 in the previous session, and the British pound was up to US$1.2257 from US$1.2055 in the previous session.

The US dollar bought 135.24 Japanese yen, lower than 137.99 Japanese yen of the previous session.

The US dollar fell to 0.9367 Swiss francs from 0.9455 Swiss francs, and it fell to 1.3427 Canadian dollars from 1.3443 Canadian dollars. The US dollar fell to 10.3088 Swedish Kronor from 10.5042 Swedish Kronor.

In Chicago, gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the US dollar fell.

The most active gold contract for February delivery rose 55.3 US dollars, or 3.14 percent, to close at 1,815.2 dollars per ounce.

Gold settled at its highest since Aug. 12.
Silver for March delivery rose US$1.06, or 4.87 per cent, to close at US$22.841 per ounce.

Platinum for January delivery rose US$15.6, or 1.5 per cent, to close at US$1,054.9 per ounce. – Bernama